Ethereum vs. EOS Blockchain Rivalry: How Did We Get Here?
What if you want to launch a decentralized application? Which DApp platform would you launch on? Ethereum or EOS? And, what would influence your choice of DApp platform?
There is hardly a rivalry in the crypto-sphere as intense as the battle between Ethereum and EOS. This battle has a lot to do with what the future holds for blockchain technology in general. Will blockchain technology take off or will it disappear in disgrace, along with cryptocurrencies?
So you want to know which of the two will dominate the market for DApps. Here is all you need to know about these DApp platforms.
The Genesis of the Smart Contract Space
In the beginning, there was Ethereum, the first platform for smart contracts. It drew an analogy between centralized banking and decentralized platforms, where users had total control over their crypto funds without a middleman. ETH holders now had a platform for the creation of tokens and crowd sale via smart contracts, and they did not waste time in creating them. Does this sound familiar? Maybe it’s because it is.
The aforementioned fact led to run ICOs on the Ethereum blockchain, directly linking 90% of registered transactions to ICOs and payments. In case you are wondering, the 10% links to the DApps built on the Ethereum blockchain.
But as time passes, new alternatives emerge. Due to some of Ethereum’s shortcomings, another platform, EOS, rose up to be dubbed the “Ethereum killer.”
Finally Some Competition
EOS blockchain came up in 2017. Immediately, folks in the crypto-sphere labeled it the next generation’s blockchain, even though it originally came from the Ethereum blockchain — but it has since developed its own platform. The EOS Blockchain scales up transactions to millions, more than its predecessor. Additionally, the DPoS (Delegated Proof of Stake) scheme is directly linked to the instant transfer of cryptocurrency, with only 21 block producers, unlike the proof of work model.
To illustrate, EOS executed 1000 transactions per second in July 2018. On the contrary, Ethereum executes 15 transactions per second. In addition, EOS boasts of zero transaction fees, while Ethereum requires users to burn ETH (Gas) for sending or receiving cryptocurrency.
Nowadays, EOS blockchain is a direct competitor to Ethereum. Have you made up your mind on a winner? Well, don’t get ahead of yourself. EOS’s centralization is somewhat of a hindrance to the blockchain, when a majority of DApps are already operating on Ethereum’s blockchain, which is decentralized.
The only question is; will EOS dethrone the king? Let us know what you think.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company based in Las Vegas, NV. With over 250 locations nationwide, Coin Cloud boasts the largest two-way network of Bitcoin ATMs in the world. Having traded $82 million in bitcoin since its inception, Coin Cloud are experts in bitcoin and their hardware, software and live support team are here to show for it. To learn more about Coin Cloud or to find the nearest Bitcoin ATM to you, please visit CoinCloudATM.com.